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OppFi Inc. Class A (OPFI+2.27%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $526 million, an increase from $509 million in the previous year, reflecting a 3.3% growth. This growth was driven by higher average receivables balances and a higher average statutory rate.
Net income for the year was $83.8 million, up from $39.5 million in the previous year, representing a 112.4% increase. This increase was attributed to higher total revenue and lower change in fair value and provision for credit losses on finance receivables.
Ending receivables increased by 2.1% to $425.2 million as of December 31, 2024, compared to $416.5 million in the previous year. This was due to growth in retained net originations and a healthier portfolio with fewer charge-offs.
Total net originations for the year were $801.5 million, a 7.2% increase from $747.8 million in the previous year. This growth was driven by bank partners' expansion into additional states and increased demand through certain marketing partners.
The company reported a decrease in net charge-offs as a percentage of total revenue, from 43.5% in 2023 to 39.1% in 2024, due to a higher yielding portfolio and increased recoveries.
OppFi's cash and restricted cash increased to $88.3 million as of December 31, 2024, a rise from $73.9 million in the previous year. The company also reported an undrawn debt capacity of $206.2 million.
In July 2024, OppFi acquired a 35% equity interest in Bitty Holdings, LLC, a credit access company, for approximately $18 million, including cash and OppFi Units.
The company continues to focus on its primary product, OppLoans, which facilitates installment loans to U.S. consumers who are employed and have bank accounts.
OppFi's platform is designed to provide a digital, transparent, and efficient lending experience, with a focus on financial inclusion for consumers facing credit insecurity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OppFi Inc. Class A annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.